Image source: Penn National.

What: Shares of Penn National Gaming, Inc (NASDAQ:PENN) jumped 21% in March, according to data provided by S&P Global Market Intelligence, and there may be some bullish signs ahead for the company.

So what: One solid news item was the filing of Penn National's 10-K with the SEC, which was delayed due to accounting for the spin-off of real estate assets to Gaming and Leisure Properties (NASDAQ:GLPI). The filing brought the company up to date with financial statements since November 2013, when the REIT spin-off took place. 

The more consequential news was a continued bullish run in the U.S. gaming market. Nevada's total gaming win was up 8% in February to $989.8 million, a sign that gamblers aren't too concerned about the economy right now. 

Now what: The delayed 10-K was never a major concern for me, or most investors, because it had more to do with a change in real estate accounting than a fundamental flaw within the business. Instead, investors should focus on the growth in the gaming industry. There was some concern coming into 2016 that the economy would slow, which could lead to a worsening employment picture and less gaming revenue in Penn National Gaming's territory. But that doesn't appear to be coming to pass, and with growth now on the horizon it looks like a bright future ahead for Penn National Gaming.